Every organization has competition, and those competitors will always have attributes and capabilities that make them shine. While it’s tough to admit your competition might be stronger than you – even beating you in the marketplace – those organizations are actually doing yours a big favor. They’re giving you the chance to conduct a competitive analysis so you can see where you stand and then learn exactly how to beat them.
That’s because understanding each of your competitor’s advantage is the first step in figuring out how to overcome it. In fact, smart organizations conduct a competitive analysis frequently so they can continually:
Construct a competitive matrix that will help you monitor and navigate the competitive landscape.
Include both stronger and weaker competitors in your analysis and make sure your matrix has space for data on offerings, pricing, partners and go-to-market strategies. This will help you understand two things:
Additionally, if you have a friendly relationship with a competitor who is doing something better than you, don’t be afraid to ask for advice.
After all, there is room in the marketplace for able competitors and plenty of leaders enjoy mentoring others in their industry – even if they’re competing in the same geographic market. You might be surprised by how open most organizational leaders are.
Finally, use all the information you collect to improve everything, including offerings, pricing, partnerships, organizational design, go-to-market strategy and ongoing business planning.
